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FAQ
The Idols is a 100% community-aligned NFT project housed on the Ethereum blockchain. The Idols is the first collection in the Idolverse. Unlike many other NFT projects, Idol holders will receive staking rewards in perpetuity in the form of LIDO stETH.
$VIRTUE is an ERC20 token that will have various utility within the Idolverse. At launch, $VIRTUE stakers will be entitled to a 7.5% commission on all Idol NFT trades.
You can buy on the Idols Marketplace on our website: https://www.theidols.io/marketplace
Trading on The Idols Marketplace provides many benefits to the Idolverse.
- Eliminates 3rd party commissions so that 100% of commissions goes back to our community.
- Removes any reliance on 3rd party marketplaces so that Idol holders will always have a source of liquidity.
Yes, 7.5% commission applied to all resales which will go 100% back to $VIRTUE Stakers.
All $VIRTUE tokens come from the Virtue Bonding Curve. In order to initially obtain $VIRTUE, stETH must be bonded to the Idol Treasury. The team plans to acquire permanent liquidity for the protocol. We have various ideas that will be shared and discussed with the community post launch. We can't predict how the price of the token will trade in the secondary market vs the bonding curve, but in general we expect users to acquire $VIRTUE from whichever source is cheapest.
The protocol involves a keeper function which will calculate how much rewards have accrued so far to each individual holder. As rewards are accrued to the protocol, they will be claimable on the website. We anticipate rewards to be distributed once a day although in the very beginning of the protocol it may be less frequent than this.
- 1.Owning an Idol NFT grants you access to a 100% community owned ETH first project. Our goal is create a truly web3 based community where everyone wins. Plus you get some awesome artwork!
- 2.Through the Virtuous Cycle, additional stETH is bonded in exchange for $VIRTUE. Overtime, this monotonically increases the Treasury, which increases the amount of staked ETH associated with the NFT. Because of this, owning an Idol NFT may grant you the earnings power of more staked ETH than you would have if you staked directly.
- 1.Users bond stETH into the Idol Treasury, increasing the size of the Treasury.
- 2.Idol Treasury now pays more rewards to Idol NFTs.
- 3.Increased rewards drive extra demand for Idol NFTs, increasing commissions paid to $VIRTUE Stakers
- 4.Increased demand for $VIRTUE causes more users to bond stETH to the Idol Treasury to acquire $VIRTUE.
Increasing stake will claim any existing rewards accrued. The ETH you had thus far accrued will appear in your wallet
If you buy, sell, or transfer an NFT, you will get any accrued rewards for ALL of your NFTs claimed to your wallet before the NFT is transferred to the new owner
You will need to claim the unsettled proceeds from your sale on your dashboard.
The team is best reached through our Discord or Twitter.
Last modified 1yr ago